In order to obtain the funds necessary to expand its business, Capital Ltd will undertake a $12M capital raising. Advise the directors of Capital Ltd over the following matters.

(a) Can the funds be raised without a prospectus? If so, what other types of disclosure documents are available

(b) If a prospectus is prepared, what must the directors disclose to investors about the investment?

(c) If the company issues a prospectus and the directors then become aware that there is a false and misleading statement in it, what can they do to remedy this?

(d) Does the Corporations Act provide any defences for directors where funds are raised under a prospectus that contains a misleading statement? If so, what are they?